In a recent post, a trader predicted that BTC might hit $137,000 by August 2024. Currently, BTC is valued at $27,952.35, with a small 0.15% increase in the last 24 hours. It’s trading in a positive channel, hinting at potential price growth in the coming days.
Cryptocurrency trader Titan of Crypto recently made a prediction about Bitcoin’s next price peak. Using historical data from previous Bitcoin cycles, the trader drew trend lines from the lowest point to the highest point of those cycles to estimate where the price might reach in the next cycle.
#Bitcoin Next Cycle Top at $137,000. 🔝🎯
Bookmark this post titans.
Using the price realized #BTC and drawing trend lines from a cycle bottom to one cycle top after, a potential price target for the next cycle top emerges.
➡️ $137,000 and it would occur in August 2024.
— Titan of Crypto (@Washigorira) October 7, 2023
Bitcoin’s Potential Peak: Cryptocurrency trader Titan of Crypto’s analysis suggests that Bitcoin (BTC) could reach around $137,000 in its next price peak, expected in August 2024. Currently, BTC is trading at $27,952.35, with a small 0.15% increase in the last 24 hours.
Recent Performance: BTC has shown positive signs recently, with a 3% increase in the past week and a 6.57% gain over the last month. However, its 24-hour trading volume dropped by over 48% to $6,951,099,043.
Chasing All-Time High
While Titan of Crypto is optimistic about BTC’s potential, it would need to climb by approximately 59% to surpass its previous all-time high of $68,789.36, reached in November 2021.
Daily chart for BTC/USDT (Source: TradingView)
BTC’s Resistance and Potential Upside: Currently, Bitcoin is trying to break above the resistance level at $27,915. If it successfully closes a daily candle above this level in the next 48 hours, it might aim for the next significant level at $29,210 within the next two weeks.
Bearish Scenario: However, if BTC fails to close a daily candle above $27,915 in the next couple of days, it could challenge the bullish outlook. In this case, Bitcoin’s price may retest the immediate support level at $26,915 over the following week.
Positive Price Channel: Despite this uncertainty, BTC is trading within a medium-term positive price channel, indicating a potential price increase in the coming days. This channel formed over the past few weeks as BTC consistently achieved higher lows and higher highs during this period.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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